Market Update 7.07.18 – Binance May Show $1 Billion Profits in 2018

| Publish date: 07/07/2018
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Binance May Show $1 Billion Profits in 2018

In an interview with Bloomberg, the Chief Executive Officer of the world’s largest cryptocurrency exchange (by trading volume), Changpeng Zhao stated that he expects Binance’s profits to be as high as $1 billion for this year. Zhao also said that the crypto exchange has already generated about $300 million in revenues for the first half of 2018.

The numbers that Zhao presented during his interview defied the theory that exchanges were dependent on the prices of cryptocurrencies to be successful. Bitcoin is currently trading at below $7000, however, the exchanges are flourishing.

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Ethereum Facing “Gas” Crisis

According to the CEO of MyCrypto, Taylor Monahan’s tweet, Ethereum is facing a “gas” crisis. “Gas” is the price that users have to pay to use the Ethereum network – basically the fees required conduct transactions on the platform.

The reason for Monahan’s tweet is Ethereum users spent 5,862 ETH, which is $2.7 million, on transactions on Monday, July 2, an all-time high for the network. Due to the changing conditions on the world’s second largest network, these is a very real possibility that use could be overpaying for transactions.

Find out more about the story here.

Bitmain Valuation at $12 Billion

Bitmain, one of the world’s largest Bitcoin mining companies, just closed its Series B funding round. With this round of funding, the company is now worth $12 billion. According to local news reports, Bitmain was able to raise around $300 million to $400 million in this funding drive. The investors included Sequoia Capital’s subsidiary in China, Sequoia China, Coatue, an American hedge fund, as well as the government investment fund from Singapore, EDBI.

The company, founded in 2013, manufactures BTC mining hardware as well as ASIC chips. As of February, Bitmain reportedly owned 70% to 80% of the Bitcoin mining hardware market’s share.

Read the rest of the story here.

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Total Market Cap: July 07

Trading volume in the cryptocurrency market is currently at $12.48 billion, while the capitalization of the market is at $268.99 billion.

Bitcoin Price Analysis: July 07

Bitcoin’s price inched up by 0.15% to trade at $6648.91. The world’s most valuable crypto’s trading volume is at $4 billion and its value is now $113.90 billion.

Ethereum Price Analysis: July 07

ETH slipped a little more by 0.35% to trade at $472.27 per token. The token’s volume of trade is currently low at $1.44 billion and its market cap is now at $47.56 billion.

State of the Top 10 Cryptocurrencies: July 07

The cryptocurrency market still continues its struggle to gain some traction. With the exception of Bitcoin and Stellar, all the other cryptocurrencies in the top ten list dropped in their token prices. The price of Bitcoin inched up by a minute 0.15%, but Stellar saw a gain on 2.03% in its trading price. The biggest loser in trading today so far has been IOTA, whose price dropped by 6.08%, the biggest drop in the top ten list.

  • Bitcoin increased by 0.15%, trading at $6648.91. The digital currency’s market value is $113.90 billion.
  • Ethereum decreased by 0.35%, trading at $472.27. The digital currency’s market value is $47.56 billion.
  • Ripple decreased by 0.64%, trading at $0.473662. The digital currency’s market value is $18.59 billion.
  • Bitcoin Cash decreased by 1.09%, trading at $731.72. The digital currency’s market value is $12.60 billion.
  • EOS decreased by 2.03%, trading at $8.68. The digital currency’s market value is $7.77 billion.
  • Litecoin decreased by 1%, trading at $83.41. The digital currency’s market value is $4.77 billion.
  • Stellar increased by 2.03%, trading at $0.206449. The digital currency’s market value is $3.87 billion.
  • Cardano decreased by 1.89%, trading at $0.143201. The digital currency’s market value is $3.71 billion.
  • IOTA decreased by 6.08%, trading at $1.08. The digital currency’s market value is $2.99 billion.
  • Tether decreased by 0.99%, trading at $1. The digital currency’s market value is $2.61 billion.
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